Can We Just Quit Fooling Around With The Car Companies?

Please make it stop! The Obama administration plans to give Chrysler $500 million to get it to the end of April and GM $5 billion to see them through May. 

From Reuters:

The Obama administration will make about $500 million available to Chrysler LLC through the end of this month as it seeks to reach an alliance with Fiat, and up to $5 billion through May to help General Motors Corp restructure outside of bankruptcy, an independent oversight report on the Treasury Department’s corporate rescue fund said on Tuesday.

Separately, the United Auto Workers (UAW) union urged its members to lobby the White House by phone or email to ensure that workers and retirees are treated fairly in negotiations at both companies on new concessions, which are considered vital for the automakers’ to survive.

“We need President (Barack) Obama and his auto task force to stand up for the interests of workers and retirees in these restructuring negotiations,” the union said in an appeal on its Web site to members.

Is there no end to this. The end game is obvious but the administration continues to pour money into these two corpses. Can’t we cut our losses and for everyone’s sake get on with the inevitable?

Can anyone calculate how many multiples of the $100 million in savings he promised today this folly represents.

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